The Medical Psilocybin Act aims to establish a regulated framework for the use of psilocybin, a naturally occurring psychedelic compound, to treat qualified medical conditions such as major treatment-resistant depression, posttraumatic stress disorder, and substance use disorders. The Act creates a medical psilocybin advisory board to oversee the program, which includes defining qualifying conditions, establishing treatment protocols, and ensuring compliance with safety standards. It also exempts certain federal food and drug administration-approved psilocybin products from the Act, while allowing for their use in state research and treatment equity funding.

Additionally, the Act amends the Controlled Substances Act to remove psilocybin and psilocin from the list of controlled substances for medical purposes, thereby providing legal protections for producers, clinicians, and qualified patients involved in the medical use of psilocybin. It establishes a gross receipts tax deduction for medical psilocybin products and creates two funds: the medical psilocybin treatment equity fund and the medical psilocybin research fund, to support treatment for qualified patients and research initiatives, respectively. The Act also outlines penalties for fraudulent activities related to the program and ensures that individuals under state supervision are not penalized for participation in the medical use of psilocybin.

Statutes affected:
introduced version: 7-9-73.2, 30-31-6
JU substitute: 30-31-6
Final Version: 7-9-73.2, 30-31-6